728 Credit Score - Good or Bad? (2018 Update)

If you plan on applying for a new credit card or loan, there is one important piece of information that determines if your application is
approved or denied:

Your Credit Score.

So many people check their credit score, only to end up with a 3 digit number that they have no understanding of.

Helping you understand it.

My goal here is to help you understand what your score means for you, how it's calculated, and if it needs some improvement.

728 Credit Score - Is it Good or Bad?

SHORT ANSWER

728 is a Good Credit Score!

Any credit score in the 700-749 range is generally considered “Good”.

Excellent Credit: 750 - 850

Good Credit: 700 - 749← You Are Here

Fair Credit: 650 - 699

Poor Credit: 550 - 649

Very Poor: 549 and below

Most lenders and insurers will consider a "Good" credit score as low risk, and is typically enough to receive some of the most competitive loan
terms and rates. Although the best offers are generally saved for "Excellent" credit, "Good" is a big step up from "Fair" (a score below 700).

How Does a 728 Credit Score Rate?

Most credit scores including FICO and VantageScore range from 300-850, the higher the better. Within that range,
there are different categories, ranging from bad to excellent. Here's a general idea of the ranges and their "ratings".
Your range will be indicated below.

What does "Good Credit" mean to you?

A credit score in this range suggests that you have established a good credit
history by making your payments on time, and that you don't have any accounts currently past due, or any recent collections, repossessions etc.
on your credit report.

Most lenders and insurers will see you as a low credit risk, and you will most likely be offered some very competitive interest rates on loans
and low premiums on insurance.

A congratulations is in order, "Good" is good news. However, there is room for improvement. Some of the best interest rate offers may require a
credit rating of "Very Good" or "Excellent". Be sure to check my tips and recommendations on
how to improve your credit score.

How Is A Credit Score Calculated?

While exact details of how your 728 credit score was calculated is an industry
secret, we do know that credit scores are formulated using many different pieces of data from your credit report. This data
is grouped into
five categories as shown below. The percentage to the right of each one indicates how important it is
in determining your credit score.

Payment History - 35% - This is typically the first thing a potential lender will want to know.
Have you paid your past accounts on time? Have you missed any payments?

Total Amounts Owed - 30% - How much you owe on each of your credit accounts. Higher amounts
does not necessarily mean you are high risk, other factors are considered as well.

Length of Credit History - 15% - Generally a longer credit history will yield higher credit
scores. But that's not always the case, it also depends on how often you use your credit, and how responsibly
you manage your debt.

Types of Credit in Use - 10% - Credit score providers will consider the mix of credit accounts
you have, such as credit cards, retail accounts, auto loans, mortgages etc.

New Credit - 10% - Lenders want to know if you've recently been applying for many credit
accounts in a short period of time. That can often represent a greater risk to the lender.

Different Credit Score Range Scales

There are many credit scores available to lenders, most use FICO scores, but even those can vary in how
they are calculated depending on the version being used. Lenders can also create their own credit score ranges, or
use industry specific credit scoring models such as those geared towards mortgages or auto loans.

Here's a quick look at the various credit scoring models and the range they use:

FICO Score: 300-850

VantageScore 3.0: 300–850

VantageScore (versions 1.0 and 2.0): 501–990

PLUS Score: 330-830

TransRisk Score: 100-900

Equifax Credit Score: 280–850

As you can see, having a 728 TransRisk score isn't nearly the same as a 728 FICO score.
For that reason, it's also important to know which scoring model is being used to determine how "good" or "bad" your credit really is.

Some of the questions you probably have are: Is 728 a good FICO Score? Is
728 a bad FICO Credit Score? Is a FICO Score of 728 good or bad?
What does a FICO Score of 728 mean?
What does a 728 FICO Score mean?

Knowledge Is Power - Especially With Your Credit

Did you know if you've received just 1 credit score of 695, you've only seen 16% of your credit data!

You actually have 3 credit scores based on 3 different credit reports. That's 6 different items which are very important for you to have.

Not having access to 100% of your credit data leaves you vulnerable to credit reporting errors, credit fraud, and identity theft.

Make sure you have access to all of your credit scores and reports, I recommend my favorite premium service:
IdentityWorks. With IdentityWorks, you get
all 3 credit scores & reports, and daily monitoring of your 3 credit reports, with alerts of key changes to your credit files.

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About Me

I'm , my credit score used to suck. I knew I had to make a change, so I spent many hours learning the ins and outs of credit scores, and in the process, trying out nearly all credit monitoring services available. My goal is to teach others what I've learned along the way. The good, the bad, and the ugly.

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